Danish polls say 'no' to euro

Latest polls show those against the single currency are still leading

COPENHAGEN, Denmark (Reuters) -- Danes opposed to embracing the European Union's single currency maintained their clear lead over euro supporters in two fresh opinion polls on Saturday.

Surveys by both Gallup and Vilstrup put the anti-euro "No" side in the lead 12 days before Denmark's referendum on whether to join the euro.

Analysts say a rejection of the single currency by the Danes could be seen by some investors as a reason to sell the euro, which fell to a record-low of $0.8525 on Friday, marking an accumulated fall of 27 percent since its launch in January 1999.

The latest daily Gallup poll published by national broadcaster DR1 television's text-TV news saw 44 percent opposed to the euro while supporters scored 39 percent and 17 percent of voters remained undecided.

In the previous Gallup poll, the "no" side was in front by 44 to 40 percent after holding a steady lead of 45 compared to 40 percent in the four preceding polls.

Vilstrup's most recent daily survey published in the newspaper Politiken saw the "no" side leading by an unchanged 44 to 40 percent. The rest were undecided.

Political analysts say the result of Denmark's euro vote, which will be decided by simple majority, could affect voter sentiment in fellow euro outsider countries Britain and Sweden, which also plan to hold referendums on membership.

Because of an opt-out from the 15-member EU's Maastricht Treaty, Denmark was not among the 11 EU countries that agreed to give up their national currencies from 2002. The Danes shocked its EU partners and wreaked havoc in financial markets by rejecting the Maastricht accord in a referendum in 1992.

They approved a tailor-made version of the treaty in a repeat referendum one year later. Exemptions negotiated by the Danish government resulted in opt-outs from monetary union, joint defence, justice and home affairs and union citizenship.

Backed by an overwhelmingly pro-euro national parliament, Prime Minister Poul Nyrup Rasmussen set in March the date -- September 28 -- for a referendum on lifting the single currency opt-out and joining the euro.

Rasmussen has called the euro referendum Denmark's most important foreign policy decision since the 1972 plebiscite when Danes voted to join the then European Community, which it entered together with Britain and Ireland in January 1973.

The latest bout of euro weakness which began 10 days ago has contributed to the erosion of confidence in the single currency, analysts say.

"If we see a further build up against the euro it will not help the referendum in Denmark and further negative views in Denmark will not help the euro -- each feeds on the other," said Elizabeth Legge, senior economist Bankgesellschaft Berlin in London

Copyright 2000 Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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